Crude oil: Three waves down keep the bull trend alive

25. Aug. 2023

Crude oil came down this week with risk-off flows as USD keeps moving higher ahead of details from Jackson Hole economic event. However, the drop is in three waves for the crude with the current price now approaching the upper side of the corrective channel, where successful breakout with a daily close above $80.50 or higher, can lead to a bullish trend once agian. From an Elliott wave perspective, we will be expecting a fifht wave up then, but possibly we may have to wait on stocks to stabilize as well (SP500 support is at 4300), before bulls may become more confident here and strong.

Have a nice weekend everyone.

GH